The lowdown on gift cards -- Page 2

Anyone receiving a gift card should immediately check for monthly
maintenance fees. A $25 gift card could get whittled down to nothing
before you know it. If your gift card comes with a monthly maintenance
fee, you'll want to use it promptly. Whoever gave you the gift card
meant that money for you, not the bank or retailer.

6. How do I check my gift-card balance?Many general-purpose gift cards allow you to
check your balance online and by calling a toll-free number. With
store-specific gift cards, you may be able to check your balance
online, in stores or by calling a toll-free number.

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It's also a good idea to keep track of your balance on your own.
Stash receipts for purchases made with your gift card in a safe
place. That way you'll know precisely how much value is left on
the card. Those receipts will also come in handy if your card is
lost or stolen. With some gift-card programs, you have to supply
your most recent receipt before a replacement card will be sent
to you.

7. What happens if my gift card is lost or stolen?With some retail gift cards, if you lose the
cards you're just plain out of luck. For example, Barnes and Noble
will not replace a gift card if it is lost or stolen.

Other retailers are much more lenient when it comes to lost or
stolen cards. Both Bloomingdale's and Macy's will issue you a new
card as long as you have proof of your most recent purchase.

Some general-purpose gift cards will send you a replacement card
as well, but you may have to pay a fee. Replacement card fees range
from $5.95 to $10.

Be sure to find out what recourse you have, if any, if your gift
card is lost or stolen, and guard your card accordingly. It's best
to treat a $50 gift card as you would treat $50 in cash. And don't
forget to hang on to your receipts. You may need them to get a replacement
card.

8. Can I exchange my gift card for cash?Thinking of cashing out a gift card? Think again.

Many gift cards aren't redeemable for cash. Plus, the general-purpose
gift cards that will send you a check for your remaining balance
are probably going to zap you with a substantial fee. Check processing
fees can be as high as $10 or $15.

You'll get a lot more value out of your card by shopping with
it rather than trying to cash it in.

9. Can I use my gift card to withdraw cash at an
ATM?Some general-purpose gift cards come with PIN
numbers, so you may be able to use them to get cash from ATMs.

The downside is, once again, fees. The Bank of America Visa Gift
Card charges you a $1.50 service fee each time you withdraw cash
from the card at an ATM. The CharterOne MasterCard Gift Card charges
you $2 for each ATM withdrawal.

10. Can I make a purchase for an amount greater
than my gift card?Yes, you can, but you'll need to be careful.
First off, be sure to tell the merchant in advance that your gift
card will only cover a portion of your purchase. If you don't, your
gift card will be declined.

Be aware that some stores, including department stores, will only
accept two forms of payment for a single purchase if the second
form of payment is cash or a personal check.

So if you plan on using your gift card to pay part of a store
bill, it's a good idea to bring cash or your checkbook along with
you.

Want to apply the few remaining dollars of a gift card to an online
purchase? It's going to be tough. Most Internet merchants do not
accept two forms of payment for a single purchase. So unless you
can find an online purchase for the exact amount remaining on your
gift purchase, you're probably out of luck.

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